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Although available metrics reveal that the AAVE/USDT market has experienced some upside movement today, price action has faced a rejection. This coin has seen a total of 2.20% price increase today. Over recent sessions, the market has shown considerable short-term movement. Let’s examine the market further for more cues.
AAVE/USDT Price Upside Correction Sees a Momentary Stop
During the past two trading sessions on the AAVE/USDT daily chart, the market has shown moderate upside movement. However, despite the price increases indicated by the crypto daily movers list, this market has encountered a downward rejection. While the rejection remains minimal, it could be assumed that the overall market trajectory may still hold.
Price activity in this market can be observed between the 20- and 50-day and the 100- and 200-day Moving Average (MA) curves. Price movements, however, continue to approach the 20- and 50-day MA curves as resistance. Meanwhile, the Stochastic Relative Strength Index (Stochastic RSI) lines are still rising toward the 50 level of the indicator. Therefore, trading indicators suggest that the upside retracement may still be ongoing.
Aave Faces a Strong Challenge
The AAVE/USDT 4-hour market has once more rebounded off the support at $138.11. Additionally, the recent price movement crossed above the 20-day MA line. However, the market hasn’t been able to advance further, considering that the 50-, 100-, and 200-day MA lines lie above it. Furthermore, the 100- and 200-day MA lines converge above price activity.
Additionally, the Stochastic RSI lines are now in the overbought region with limited room for further upside movement. Consequently, this market may require more favorable fundamentals and increased participation to break through the upcoming resistance. As a result, traders may stick to using crypto signals below the $150.00 mark.
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